Italy’s Giannini Automobili has created what has to be the ultimate Fiat 500. Gone is the donor 500 Abarth’s 1.4-liter turbo-four-cylinder, its place taken by the 1.7-liter turbo-four that powers the Alfa Romeo 4C and makes 350 horsepower (261 kilowatts).

In addition to the work on the suspension and engine, the brakes feature drilled and slotted discs in front and six-piston calipers clamp down on them. Furthermore, Giannini added a carbon-fiber wide-body kit complete with louvers and vents to not only extract air from the brakes, but also to fit the 4C’s drivetrain underneath the 500’s body.

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Presumably necessary to accommodate both its pushrod suspension and 4C-sourced powerplant, the 350 GP’s outrageous bodywork is filled with racy vents and slashes, and augmented by a retro-inspired vented tailgate and verandah-like rear wing. Only the doors and roof appear to be untouched, and a sizable bonnet vent also puts the front suspension’s remote reservoirs on prominent display.

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Built to celebrate Giannini’s 100th anniversary, the GP 350 won’t be cheap. No more than 100 will be built and all will cost an eye-watering 150,000 euro – roughly $221,000 in Australian dollars.